TO:	ALL CLEARING MEMBERS
FROM:	DENNIS A. DUTTERER PRESIDENT AND CHIEF EXECUTIVE OFFICER
DATE:	January 8, 2003
SUBJECT:	Nominations for Board of Governors

The Annual Meeting of Stockholders will be held on Wednesday, February 19, 2003. At this Annual Meeting, two Governors will be elected from "Group A Clearing Members" and one Governor will be elected from "Group B Clearing Members," with all firms voting on a one share-one vote basis.

You are hereby notified that the Nominating Committee of the Board of Trade Clearing Corporation has nominated the following individuals for election to the Board of Governors of the Clearing Corporation for a three-year term beginning February, 2003 and ending February, 2006. The Governor position for which each candidate has been nominated is indicated in parentheses.

1. Michael C. Dawley – Goldman, Sachs & Co.		(Group A)
2. Wendell A. Kapustiak – Merrill Lynch, Pierce, Fenner & Smith Incorporated		(Group A)
3. Gerald F. Corcoran – R.J. O'Brien & Associates, Inc.		(Group B)

Under the provisions of Bylaw 305, any twenty stockholders may nominate by petition any other person, or persons, for Governor for that term. Petitions must be filed with the President of the Clearing Corporation by 3:00 p.m. on January 29, 2003 and must specify whether the candidate is for a Group A or Group B Governor position.

Should you have any questions, please contact Nancy Brooks, Vice President, General Counsel and Secretary, at (312) 786-5711, or Robert G. Hertel, Jr. Associate General Counsel, at (312) 786-5743.